How to teach your child about money

Aug 29, 2015

How to teach your child about money

I can still remember when we changed from 'old' money to decimal. The old pennies where the size of my palm and I used to love counting them. I could never get the concept of having 12 of them for a shilling and am sure I never got given a half-crown. Today's money is much easier but needs familiarity with coins to help understand it's value. Too many of our children think that parents can just use their card and don't appreciate what that represents.

So when you go to the shops and your child wants to buy something (and you're planning on them buying it) talk about how much it is. If it's sweets, a book or a game, the purchase doesn't matter, what matters is the concept of purchasing and the value of the money.

At home you can let a child count the money in your purse. Talk about how many pennies make a 5p, and how many 5p coins make a 50p and a £1. This makes the subject real, they can see the point of money otherwise it's a strange concept to them.